May 02, 2013 2:49 PM GMT
The United States has double the amount of oil and three times the amount of natural gas than previously thought, stored deep under the states of North Dakota, South Dakota, and Montana, according to new data the Obama administration released Tuesday. . . . The formations, called Bakken and Three Forks, span much of western North Dakota, the northern tip of South Dakota and the northeastern tip of Montana. The last time the United States Geological Survey assessed this area for its oil and gas reserves was in 2008. But that assessment did not include the Three Forks formation, which explains the substantial increase in the estimates. USGS estimates that these two formations together hold 7.4 billion barrels of undiscovered—but technically recoverable—oil and 6.7 trillion cubic feet of natural gas.